Written by Kera Mashek, Multimedia Journalist - bio | email
WASHINGTON, D.C. (KWWL) -
Builders increased their spending on construction projects in October by the largest amount in five months, led by a surge in housing.
The US Commerce Department says construction spending rose 1.4 percent in October. It was the largest gain since May.
The jump in construction spending brings the seasonally adjusted annual rate to $872.1 billion. That's up 17 percent from the 12-year low hit in February 2011.
Still, even with the gain, the level of spending remains only about half of what's considered healthy.
Housing construction jumped three percent in October. Non-residential construction rose a more modest 0.3 percent. Surprisingly, Superstorm Sandy, which hit in late October, had only a minimal impact on the figures.
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